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The People Factor - Research Paper Example

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The paper "The People Factor" describes what risks associated with the health of people increased, more people have become inclined to ensure their health against any diseases. Therefore, the insurance providing companies are raising the general level of premium for insurance…
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The People Factor
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Download file to see previous pages If there is some form of risk, there is some form of insurance that can act as a cover for the risk. In other words, risk can be converted into an equivalent form of insurance. In most cases, higher the risk, higher is the amount of return and the premium for insuring the risk. Risk arises as a result of uncertainty in various investment activities. Cost of investment and its benefits vary according to the varying levels of risk (Anderson & Brown, 2005). Ethical concerns in healthcare management The healthcare management sector is rising in importance in the economy of United States. A large range of ethical dimensions are currently arising in the US healthcare sector. The private healthcare sector is operating like any other organization in the private sector with their profit maximization objective (Zhou-Richter, 2009). However, healthcare is one of the basic rights of any individual. According to ethical principles, an individual is entitled to receive support and care for his or her healthcare issues. In this regard, the most daunting task is to make the rightful decision with respect to some ethical problem arising in healthcare sector. Insurance providers have to recognize the challenges and assess the seriousness of a given situation with confidence. Only when the challenges in dealing with healthcare problems are identified and understood fully, professional and management in this sector can cater sufficiently to the insurance needs of people (Labspace, 2013). The ethical implications refer to the issue of beneficence, justice and respect for the basic need of an individual irrespective of the class or income group that the person belongs to. These ethical values refer to the culture and values embedded in a society and its people and their...
The functioning of the dual forces of demand and supply depends on the appropriate measurement of the extent to which the customer is prone to demand insurance owing to sickness. In the US, the broadest recommendation that has been made by President Barrack Obama is that insurance companies should bring the maximum possible number of customers under their policy. There is no substitute for this process since there is lack of sufficient amount of money to cover the actually sick people in the country. Therefore, the number of insured people would imply that companies would be able to earn higher amounts of money in the form of premium. This would allow the companies to run profitably even after paying out large sums of money for claims (Cheney & Haberkorn, 2013). Apart from this method, it is highly recommended that the companies develop a stringent medical screening process to judge the actual health condition of the customers before allowing them to purchase a particular plan. It is recommended that premium should be charged on a dual basis of income of the consumer as well as the level of sickness. Customers with higher annual income would be charged the higher premium than those with lower or marginal income. The problem of lemon arises in the market when there is information asymmetry between the consumers and the sellers. In this problem, both parties involved in transaction posses dissimilar levels of information regarding the same level of product or service regarding which the transaction is being made. ...Download file to see next pagesRead More
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